251 FS Listener Q & A

Listener Q & A

Curtis, Philip and Jonathan answer some questions they have from listeners. Among them are questions about competition, team management, and dealing with clients. Tune in to Listener Q & A! They just might have answered one of your concerns, too.

Access to Competition

How do you find out if something is working for your competitor? You may be someone who wants to focus on a specific market, but finds someone already doing it. Philip shares that it's probably a very good thing.

It's good to be the first one to be in the market. But if none has been doing it, it could mean that there is no demand. It could also mean that the market has not yet matured, or that it is too small.

Reaching Out to Competition

You can reach to your competitor and ask how it is going for them. Just like what Philip does, you can reach to them via email. Here's one example from him…

“I'm interested in learning your specialization on X. I am considering entering this market myself, but I haven't yet. I believe your experience in this market can save me a ton of time and wasted money. If you'd be willing to answer a few questions, just hit ‘Reply’ and send me back a quick yes or thumbs up.”

Some people would be very willing to share some insights with you. It usually depends on their perception whether they respond positively. Some people see competition as a fearsome thing to avoid.

No Fear in Stability

It is good to have some obvious competition. Those who typically reply back are already stable, and have nothing to fear. They don't see you as a threat.

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